WARSAW, Ind., Oct. 4 /PRNewswire-FirstCall/ -- Symmetry Medical Inc.
(NYSE: SMA), an independent provider of products to the global orthopedic
device industry and other medical markets, announced today that the Audit
Committee of its Board of Directors has initiated an independent review of
apparent irregularities with respect to the Company's accounting policies
and practices at its Sheffield, UK operating unit. The review follows a
report by management earlier this week to the Audit Committee regarding
apparent improper accounting activities at its Sheffield, UK operating
unit. Based on the information reported by management, certain transactions
at issue appear to have resulted in the overstatement of revenues by that
unit dating back to 1999, well prior to the Company's acquisition of the
Sheffield, UK operations in June 2003.

From its initial review, management estimates that the overstatement of
revenue and income before taxes for the entire 9-year period amounts to
approximately $12 million to $16 million. The impact to the financial
statements of the Company for the period subsequent to its acquisition of
the Sheffield unit in June 2003 through 2007 is yet to be determined.

The employees at the Sheffield, UK operating unit believed to be
primarily involved in this activity, including the Senior Vice President
for Europe, are either no longer with the Company or have been suspended
pending the completion of the review.

Based on the information reported by management to date, the Audit
Committee believes that it may be necessary for the Company to restate its
financial statements for the periods subsequent to the date of the
Sheffield, UK acquisition. As a result, the Company's historic financial
statements for those periods can no longer be relied upon.

The Company's lead bank has informed the Company that, as a result of
these matters, an event of default has occurred under the Company's credit
agreement. Such default permits the bank, at its election, to exercise
various remedies. The Company is in discussion with its lead bank
concerning the Company's situation.

Francis T. Nusspickel, Chairman of the Audit Committee of the Board of
Directors, said, "The Audit Committee has retained special legal counsel to
advise it and to investigate these matters thoroughly. Our principal
concern is to move quickly to determine what occurred and how it occurred
and to ensure the integrity of our financial reporting and controls
throughout the Symmetry organization."

Brian Moore, President and Chief Executive Officer, said, "We are
treating this matter with the utmost importance. I do want to stress that,
based upon available information, we believe that this matter affects only
the Sheffield, UK operating unit. Changes have been made to the Sheffield
site management by the Company and I will assume interim responsibility for
the Sheffield facility. We expect a new Chief Operating Officer for Europe
to be in place by the end of the year who will be based at Sheffield and
take over responsibility for this unit. While the situation is concerning,
we expect to continue serving the needs of our customers with continuing
operations from all of our worldwide units including Sheffield."

About Symmetry Medical Inc.

Symmetry Medical Inc. is a leading independent provider of implants and
related instruments and cases to the orthopedic device industry. The
Company also designs, develops and produces these products for companies in
other segments of the medical device market, including arthroscopy, dental,
laparoscopy, osteobiologic and endoscopy sectors and provides limited
specialized products and services to non-healthcare markets, such as the
aerospace market.

Forward-Looking Statements

Statements in the press release, which are not historical facts and
which involve our Audit Committee's review of accounting irregularities at
our Sheffield, UK facility, may be "forward-looking statements" that
involve risks and uncertainties, within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are predictive or conditional in nature and are frequently
identified by the use of terms such as "appear," "may," "should," "expect,"
"believe," "estimate," "intend," and similar words indicating possible
future expectations, events, actions or outcomes. Such predictive
statements are not guarantees, and actual outcomes could differ materially
from our current expectations. The Audit Committee's review is in its early
stages and is ongoing, as our preliminary assessment described herein is
based upon management's reasonable current belief concerning the statements
made.

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